Morning Roundup (3/10/2022)– Mortgage Fraud, Foreclosures In Full-Swing

Good Morning! Today is Thursday, March 10. Democrats cut $15.6 billion in Covid-19 aid from the omnibus spending package. It includes $13.6 billion in aid for Ukraine. The Kremlin accused the U.S. of waging an “economic war” as Russia’s currency has lost about 40% of its value in a month.

The Mortgage Note Reports

Mortgage Fraud: A California man pled guilty to wire fraud related to a foreclosure rescue scheme that took in at least $5 million from thousands of distressed homeowners.

Foreclosures In Full-Swing: February foreclosure rates were up 11% from January and 129% YOY as pre-pandemic activity returns

And in other mortgage and housing news…

Under The Microscope: President Biden ordered a study to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues.

Milo Funding: Crypto fintech company Milo announced a $17 million Series A funding round, led by California-based venture capital firm M13.

The Cost Of Credit: Fannie Mae released a new working paper showing the contribution of housing expenses to overall housing costs, specifically focusing on a breakdown of mortgage costs.

Rental Shock: About 40% of the country’s occupied rental stock is located in areas that will suffer substantial losses from environmental hazards, according to a new analysis.

“Startling And Concerning”: A new study found workers struggling with unpaid debt are under so much stress that it’s affecting their work performance and health, while 32% of all respondents said it impacts their ability to pay their rent or mortgage.

Wealth Gains: Middle-income households gained $2.1 trillion in housing wealth over the last decade, with the US adding 6.3 million new homeowner households.

Two Years Later: Here’s how the pandemic has rocked the housing market.